Textbook inverse head and shoulders so we could be seeing a retest of the 118.00 levels as a first longer term target. With the DXY having reached 3 year lows we could potentially start seeing it correcting, or even reversing to the upside which in terms mean a rise for this pair.
We can also see a nice flag formation which could be towards its end.
My personal details:
Long @ E: 108.85, SL: 106.00, TP1: 118.00
For risk and money management purposes, always determine a max. of 2% risk on every trade.
For example on a $50,000 account, this would be equivalent to 1,25 Lots with an 80 pip stop loss.
Targets and closure of positions may be subject to alteration throughout the course of the trade. This is due to the ever-changing and unpredictable nature of the market.
This post is set to be used and serve as an example and in an educational manner and is not to be taken as direct investment advice.
We can also see a nice flag formation which could be towards its end.
My personal details:
Long @ E: 108.85, SL: 106.00, TP1: 118.00
For risk and money management purposes, always determine a max. of 2% risk on every trade.
For example on a $50,000 account, this would be equivalent to 1,25 Lots with an 80 pip stop loss.
Targets and closure of positions may be subject to alteration throughout the course of the trade. This is due to the ever-changing and unpredictable nature of the market.
This post is set to be used and serve as an example and in an educational manner and is not to be taken as direct investment advice.
